Wednesday, March 13, 2024 8:07:51 PM
29 other high-profile, profitable corporations also paid their execs more than they paid in federal income taxes in at least two of those five years, including:
— Americans For Tax Fairness (@4TaxFairness) March 13, 2024
AT&T
General Motors
Chevron
Marathon
Charter
FedEx
Whirlpool
These firms all made billions of dollars in profits.
In total, 64 big corporations posted profits of $657 billion from 2018-2022.
Their average effective federal tax rate? Just 2.8%.
Together, they paid their executives over $15 billion.
Most of their workers and customers paid an average tax rate of 13.6% in 2020.
Why is this happening?
The corporate tax rate is 3/5 lower than it was 35 years ago.
It’s 2/5 lower than it was 7 years ago before Trump and Republicans slashed the rate.
Meanwhile, greedy executives are union-busting, price-gouging, and buying back stock to get even richer.
Republicans swore their tax cuts would pay for itself. Instead, they added $2 trillion to the deficit.
They promised the cuts would create jobs. Instead, they encouraged offshoring jobs and profits.
They promised it would trickle down. Instead, CEOs pocketed the money.
This is why the Inflation Reduction Act instituted a corporate profits minimum tax and created the first-ever stock buyback tax. They used the revenue to invest in working families.
@POTUS's budget calls for raising the corporate tax rate and ending tax breaks for CEO pay.
Democrats have also introduced:
No Tax Breaks for Outsourcing Act (ends incentives for corporations to offshore profits and jobs)
No Tax Breaks for Union-Busting Act (prevents corporations from writing off union-busting)
We really have to hold greedy corporations accountable.
Until the cycle of reckless corporate tax breaks and runaway CEO pay is broken, we’ll continue to have a tax code and economy that works for top executives—and no one else.
Read our full report with
@IPS_DC
here: https://americansfortaxfairness.org/less-us-corporations-pay-executives-uncle-sam/
.
Two people you should never trust:
A religious leader who tells you how to vote.
A politician who tells you how to pray.
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